Fraud of Rs 112.42 crore in 2 accounts of Punjab and Sindh Bank

The bank told the stock market that Maha Associated Hotels Pvt. Ltd. (Maha Associated Hotels Pvt. Ltd.) owes Rs 71.18 crore to the loan account. He said that the information about declaring NPA account fraud has been given to Reserve Bank of India (RBI).

Public sector Punjab and Sindh Bank on Friday reported fraud of Rs 112.42 crore in its two-stranded debt accounts. These accounts belong to Maha Associated Hotels and Maha Associated Hotels and Adyar Zinc. The bank has said in the regulatory information that it has informed the Reserve Bank about this fraud and it is in the process of filing a complaint with the Central Bureau of Investigation in this regard.

As per the requirement, it has been reported to RBI.

The bank told the stock market that as per the applicable provisions of SEBI regulations and the policy of the bank, “it is informed that the outstanding NPA account of Rs. 71.18 crore with a provision of Rs. 44.40 crore”. Maha Associated Hotels Private Limited “has been declared fraud and has been reported to RBI as per regulatory requirement.”

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In other information, the bank said that the NPA account of Adyar Zinc has been declared a fraudulent account with an outstanding balance of Rs 41.24 crore, and its information has been given to the RBI. In April this year, the bank also declared non-performing accounts of Golden Jubilee Hotels with arrears of Rs 86 crore more as a fraud.